Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.20.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of Valuation Assumptions
The following table summarizes the assumptions used to measure the fair value of the annual grant of performance awards that are also indexed to the achievement of specified levels of absolute total shareholder return.
 
2017
Weighted-average grant-date fair value
$
15.41

 
 
Assumptions
 
Risk-free rate of return
1.6
%
Expected volatility
31.4
%
Expected term (in years)
3.0

Expected dividend yield


summary of Valuation Assumptions for PBRSUs
The following table summarized the Monte-Carlo inputs and grant-date fair value price used for the PBRSUs.

 
2019
Grant-date stock price (AFI closing stock price on September 11, 2019)
$
7.43

 
 
Assumptions
 
Risk-free rate of return
1.59
%
Expected volatility
41.45
%
Expected dividend yield


Summary of Non-Employee RSU Activity The fair value of non-employee director RSUs was measured using our stock price on the date of grant. The following table summarizes activity related to the non-employee director RSUs.
 
2019
 
2018
Vested and not yet delivered as of December 31
203,261

 
174,442
Granted
57,012

 
67,288
Outstanding as of December 31
260,273

 
241,730

Summary of Stock Option Exercises
The following table summarizes information about AFI's modified stock options:
 
 
Number of Shares (in thousands)
 
Weighted-Average Exercise Price (per share)
 
Weighted-Average Remaining Contractual Term (years)
 
Aggregate Intrinsic Value (in millions)
Outstanding as of December 31, 2018
 
453.5

 
$
12.89

 
3.6
 
$
0.2

Exercised
 
(5.7
)
 
13.98

 
 
 
 
Cancelled
 
(5.7
)
 
14.55

 
 
 
 
Outstanding as of December 31, 2019
 
442.1

 
12.85

 
2.7
 

Options exercisable
 
442.1

 
12.85

 
2.7
 


The following table presents information related to stock option exercises:
 
Year Ended December 31,
 
2019
 
2018
Total intrinsic value of stock options exercised
$

 
$
0.3

Cash proceeds received from stock options exercised
0.1

 
0.8


Summary of Performance Share Activity
The table below summarizes activity related to the PSAs, PSUs, PBRSUs, and RSUs. The non-employee director activity is not reflected in the RSU activity below.
 
 
PSAs, PSUs and PBRSUs
 
RSUs
 
 
Number of Shares (in thousands)
 
Weighted-Average Grant-Date Fair Value (per share)
 
Number of Shares (in thousands)
 
Weighted-Average Grant-Date Fair Value (per share)
Non-vested as of December 31, 2018
 
1,102.5

 
$
13.88

 
324.6

 
$
16.13

Granted
 
572.3

 
7.75

 
622.8

 
7.39

Vested
 
(108.8
)
 
19.90

 
(116.9
)
 
15.82

Cancelled
 
(437.5
)
 
12.73

 

 

Forfeited
 
(260.2
)
 
13.76

 
(159.7
)
 
15.18

Non-vested as of December 31, 2019
 
868.3

 
10.53

 
670.8

 
8.28


Schedule of Restricted Stock Unit Award Activity
The table below summarizes activity related to the PSAs, PSUs, PBRSUs, and RSUs. The non-employee director activity is not reflected in the RSU activity below.
 
 
PSAs, PSUs and PBRSUs
 
RSUs
 
 
Number of Shares (in thousands)
 
Weighted-Average Grant-Date Fair Value (per share)
 
Number of Shares (in thousands)
 
Weighted-Average Grant-Date Fair Value (per share)
Non-vested as of December 31, 2018
 
1,102.5

 
$
13.88

 
324.6

 
$
16.13

Granted
 
572.3

 
7.75

 
622.8

 
7.39

Vested
 
(108.8
)
 
19.90

 
(116.9
)
 
15.82

Cancelled
 
(437.5
)
 
12.73

 

 

Forfeited
 
(260.2
)
 
13.76

 
(159.7
)
 
15.18

Non-vested as of December 31, 2019
 
868.3

 
10.53

 
670.8

 
8.28


Summary of Stock-based Compensation and Related Tax Effects Total stock-based compensation expense included in the Consolidated Statements of Operations and the related tax effects are presented in the table below:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Stock-based compensation expense
$
1.2

 
$
4.7

 
$
1.5

Income tax benefit

 
1.1

 
0.8